This is the 8882nd most frequent Japanese word.
次期
"Next term" or "next period."
In this sentence '次期' is used as an adjective meaning 'next' or 'upcoming', modifying 'プロジェクト' (project).
次期のプロジェクトは来年開始予定です。
The next project is scheduled to start next year.
Here '次期' is used as an adjective signifying 'next' in the context of succession, referring to the upcoming term or role as president.
彼は次期社長としての準備をしています。
He is preparing to become the next company president.
In this scenario, '次期' is again acting as an adjective describing 'モデル' (model), indicating the version that will follow the current one.